By John Tamny of RealClearMarkets
The Dow Jones Industrial Average rallied 6 percent on Monday after the announcement of Treasury secretary Tim Geithner’s latest bank relief plan. The stock surge might point to significant positives within his initiative, but then going back to the fall, shares have regularly rallied on the news of government help, only to decline once the harsher realities of government aid set in.
Indeed, stocks rallied for weeks in 1971 after President Nixon announced the dollar’s de-link from gold, combined with price controls, but eventually markets caught up to the major economic negatives that would result from Nixon’s flawed attempts to revitalize the U.S. economy. It seems the same applies here
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